Patriot National Acquires Managing General Agent for the Restaurant and Bar Industry

Patriot National has continued its acquisition campaign with the purchase of Hospitality Supportive Systems and its affiliate Selective Risk Management. HSS is a managing general agent for insurance programs used in bars, taverns and restaurants, while Selective Risk Management is its claims service arm, according to a Wednesday press release. Patriot National purchased the companies for $13.5 million, or about five times their earnings before interest, taxes, depreciation and amortization in 2014. HSS will become part of Patriot National's subsidiary TriGen Insurance Solutions, while Se...